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Management Accounting: A Comprehensive Guide to Costing, Budgeting, and Financial Analysis

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Added on 2024/06/28

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This report delves into the crucial role of management accounting in organizational decision-making. It explores various management accounting systems, including inventory management, cost accounting, and job costing, and examines the importance of management accounting reports for strategic decision-making. The report also analyzes different costing methods, such as marginal costing and absorption costing, and demonstrates their application in preparing income statements. Furthermore, it investigates the significance of planning tools for budgetary control, including capital budgeting and variance analysis, and evaluates their effectiveness in solving financial problems and achieving sustainable success. The report utilizes the example of Deverell Smith Ltd. to illustrate practical applications of management accounting principles.

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Management Accounting
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Contents
Introduction.................................................................................................................................................3
TASK 1....................................................................................................................................................... 4
Introduction............................................................................................................................................. 4
P1) Describe management accounting and explain essential requirements of different management
accounting systems...................................................................................................................................... 5
P2) Explain different management accounting reports used by the organization with the importance of
such reports to management....................................................................................................................7
M1) Evaluate benefits of management accounting systems and their application in context of business.
................................................................................................................................................................. 9
D1) Evaluate how management accounting systems and management accounting reporting are
integrated in organization...................................................................................................................... 10
Conclusion............................................................................................................................................. 11
TASK 2 (M2, D2)..................................................................................................................................... 12
A) 1. Explain marginal costing and absorption costing methods.....................................................12
2. Prepare income statement using absorption costing methods and marginal costing methods............12
B) Using Break Even formulae calculate the following:........................................................................14
TASK 3 (LO3 and LO4)............................................................................................................................ 16
Introduction........................................................................................................................................... 16
A. Explain advantages and disadvantages of different planning tools for budgetary control by
providing example of atleast two........................................................................................................... 17
2

B. Show the application of planning tools for preparing, forecasting and analyzing budgets.............19
C. Compare how organizations are adapting the management accounting system to respond to
financial problem................................................................................................................................... 21
D. Analyze how your management accounting techniques could respond to financial problems and
lead the organization to sustainable success.......................................................................................... 23
E. Evaluate how planning tools can solve the financial problem and lead the organization to
sustainable success................................................................................................................................ 24
Conclusion............................................................................................................................................. 25
Conclusion................................................................................................................................................. 26
References.................................................................................................................................................27
3

Introduction
The report depicts that how the management accounting plays a crucial role in decision making
of the organization and with this it is also explained that how the management accounting
information is used within organization. The various types of management accounting systems
are also explained and with this the reports which are prepared by the managers of the
organization are also highlighted. The cost is also calculated so that using various cost
techniques by preparing statements using marginal and absorption income statement. The
significance of the planning tools are also determined which are used for the budgetary control
and the positive as well as the negative points of these tools are also highlighted. The ways
through which the management accounting can help in getting rid of the financial problem so
that the sustainability can be attained are also highlighted. The example of Deverell Smith Ltd. is
taken so that all the parameters can be practically explained.
4

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TASK 1
Introduction
This section gives details with the brief explanation about the management accounting and with
this the various benefits of these systems systems are also highlighted. Further, the various
reports which are used and with this how the management accounting systems and reporting are
integrated has also been thrown light on.
5

P1) Describe management accounting and explain essential requirements of different
management accounting systems.
Management accounting investigates about scarcity of the financial resources so that the proper
allocation can be done and the improvement in the Deverell Smith Ltd. can be made (Li, et. al.,
2014). The management accounting or the managerial accounting can be determined as the
process of evaluating, analyzing and recording the financial transactions so that the managers of
Deverell Smith Ltd. can take strategic decisions. And the operations can also be controlled. It
also helps the managers to predict the future by evolving the short and long term policies. It also
enables to determine the financial resources of the organization such as labor, material and other
requirements so that the success in the market place can be made (Li, et. al., 2014). The financial
accounting is different from the managerial accounting as the management accounting provides
the information for the internal users but the financial accounting gives information for external
users.
Types of management accounting systems:
The management accounting systems are used by the managers for taking the crucial decisions
so as to increase the profitability within the organization.
Inventory Management Systems:
The inventory management is the software that is used by Deverell Smith Ltd. so as to track the
level of inventory. It is basically used by the manufacturing industries so that the order bill, and
the work order can be prepared and the documents which are related to inventory. The main
features of the inventory management are to track the assets, reorder, and management of service
and product identification (Li, et. al., 2014). These are the ways which will help in maintaing the
accuracy in the management of inventory so that the data can easily be tracked when needed.
The LIFO and FIFO are the two types of the inventory management. LIFO it explains that the
material which is lastly arrived will be sold first. FIFO says that the stock which is first entered
will; be first out of the stock so that the wastage as well as risk can be reduced.
Cost Accounting Systems:
6

The cost accounting systems help in controlling the cost so that the revenues can be increased
and the overall profitability of Deverell Smith Ltd. can be enhanced. There are various types of
cost accounting such as the standard costing, normal costing and actual costing (Li, et. al., 2014).
The actual costing determines what the actual cost of product is such as in Deverell Smith Ltd.
the actual cost is the cost of recruitment and the executive services. The standard costing is the
cost which is set so as to identify the variances in case of Deverell Smith Ltd. the standard cost
can be the cost of raw materials. The normal costing is used to value the manufacturing cost of
goods based upon the manufacturing overhead rate (Money Matters, 2018).
Job Costing Systems:
It helps in assigning the particular cost to the particular type of product so that the evaluation can
be made easily for the value of products. In case of Deverell Smith Ltd. the particular cost will
be assigned to each of the recruiter.
7

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P2) Explain different management accounting reports used by the organization with the
importance of such reports to management.
The reports are prepared by the top level managers of the organization so that through which the
various auditors can easily measure the financial performance and the position of organization
and thus it may help in decision making process (Kolakowski, 2018). The various management
reports are prepared by Deverell Smith Ltd. for crucial decisions such as:
Image: Types of reports
Source: By Author, 2018
Budget reports: The budgetary reports are prepared so that the proper allocation of the
resources can be done to all the activities of the organization and the wastage of resources can be
reduced (Kolakowski, 2018). These reports also helps the managers in evaluating variances by
comparing the actual results with the budgeted one and the areas where the improvements are
required can be made. In Deverell Smith Ltd. the budget are prepared so that the performance of
each department as well as the employees can be evaluated.
Cost Accounting reports: The cost accounting reports show the clear picture about the expenses
and revenues of the firm. This will help Deverell Smith Ltd. in analyzing all the factors through
which the cost can be controlled and revenues can be maximized (Kolakowski, 2018). The cost
8
Budget Reports
Inventory Reports
Cost Accounting Reports

of product per unit is determined so that the value of goods can be mentioned in the financial
statements of organization.
Inventory reports: The inventory report keeps the record of comprehensive account of stock
and the information related to the supply of various items. These reports in Deverell Smith Ltd.
will help in evaluating the place of all the items and the stock available in store (Kolakowski,
2018).
Importance of reports:
Helps in Profitable operations: The reports provide the proper direction for the achieving the
goals which motivates employees to perform better and thus helps in enhancing the operations of
the organization which in turn helps in achieving the overall objectives of organization (Money
Matters, 2018).
Important for decision making: These reports are used by the managers of Deverell Smith Ltd.
to take the crucial decisions related to minimizing the cost and maximizing the profits
(Kolakowski, 2018). This will also help the top level managers of Deverell Smith Ltd. to make
improvements by evaluating the variances.
Forecasting Cash Flow: The budget reports are prepared which shows the analysis of future
cost and the revenues which may impact business through current trend charts so this helps the
Deverell Smith Ltd. in deciding the ways to allocate the money so that the higher revenue growth
can be generated (Kolakowski, 2018).
9

M1) Evaluate benefits of management accounting systems and their application in context
of business.
The use of the management accounting systems in Deverell Smith Ltd. provides various benefits
to the organization which are as follows:
Increases the bar of profitability: The budgetary control and the capital budgeting is included
in the management accounting which will enable Deverell Smith Ltd. in cutting down the
expenditures of the organization while performing operations (Money Matters, 2018). The
reduction in the prices of the products will increase the revenue of the organization and in turn
the area of profit will also be increased.
Simplifies the decision making: The management accounting systems help in preparation of
various reports which helps in taking important decisions easily. The key facts of the Deverell
Smith Ltd. are stated in the reports which assists the managers to manage the activities related to
cost and so that the appropriate decisions can be taken (Money Matters, 2018).
Transparency in Cost: The transparency in the cost of Deverell Smith Ltd. is maintained as the
actions taken by the organization can be evaluated that they are the budgeted actions and thus the
evaluation can be done so analyze the areas where the cost can be controlled and the profits can
be maximized to achieve sustainable success.
Future prediction from past: The future trends that may impact the organization can be
predicted by taking actions according to the past trends of profits in the market (Money Matters,
2018). This will enable Deverell Smith Ltd. to evaluate and set long term goals.
10

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D1) Evaluate how management accounting systems and management accounting reporting
are integrated in organization.
Both are integrated as the management accounting systems helps to predict the future by
analyzing the future and past trends while the management accounting reporting helps in
management of all the activities within the organization (White, 2015). With this evaluation it
also assists in the analysis of the financial performance of the organization as it analyzes all the
cost and the expenses of Deverell Smith Ltd. The transparency of cost is also maintained through
the areas of the increased cost can be evaluated and accordingly the actions can be made to
improve those activities (White, 2015).
11

Conclusion
It can be summarized that the management accounting is essential in the organization as a result
that the overall goals of Deverell Smith Ltd. can be achieved by minimizing the cost and
maximizing the revenues. The various reports are prepared which will enable in taking the
appropriate decisions.
12

TASK 2 (M2, D2)
A) 1. Explain marginal costing and absorption costing methods.
The marginal costing is the variable costing in which the cost of the product is charged to the
cost units and the fixed cost. It is also one of the principle costing technique for the decision
making process (Surbhi S, 2018). The absorption costing method means that all the units
produced during the year are absorbed. It includes direct material, direct labor and overheads
both fixed and variable.
Difference between both the costing methods
Basis of differences Marginal Costing Absorption Costing
Element of cost The fixed overheads are
excluded from the cost of
production.
The fixed overheads are added
to the cost of production.
Valuation of inventory Price cost+ Variable
manufacturing overheads.
Prime cost+ fixed and variable
manufacturing overheads
Suitable for decision making This is the appropriate
technique for decision making.
This is not proper for decision
making.
2. Prepare income statement using absorption costing methods and marginal costing
methods.
Calculation of Marginal Costing:
Direct Materials 7
Direct Labor 6
Variable cost 2
Total Variable cost 15
Marginal Costing Income Statement
Particulars
Amoun
t
Amoun
t
Sales 33000
Cost of Sales:
Opening Stock 0
13

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Add: Cost of Production 12000
Less: Closing Inventory 3000 9000
24000
Less: Variable distribution and
administration cost
600
Contribution 23400
Less: Fixed Cost 3200
Less: Selling and administration cost 2700
Profit of the year 17500
The marginal costing is also called the variable costing which is used so that the actual change in
the cost can be evaluated and the effect of change in profit can be analyzed (Accounting Tools,
2018). The fixed cost is deducted from the contribution to evaluate the actual profit of the year
during the accounting period. The profit earned by the organization was amounted to be £17500.
Calculation of Absorption Costing:
Absorption Costing Income Statement
Particulars Amoun
t
Amoun
t
Sales 33000
Cost of Sales:
Opening Stock 0
Add: Production Cost 15200
Less: Closing Stock 3800 11400
Gross Profit at normal 21600
Less: Variable Marketing and
Administration
600
Gross Profit at actual 21000
Less: Distribution and administrative
Cost
2700
Net Profit/Loss 18300
In absorption costing the work in progress is valued at both variable and fixed cost. The closing
stock is deducted so that the normal gross profit can be analyzed (Surbhi S, 2018). The profits
earned by the organization were £18300.
Reconciliation Statement
14

Particulars Amount
Absorption Costing Profit 18300
Less: Closing Stock 800
Profit of Marginal Costing 17500
The reconciliation statement is arranged so that the amounts of both the accounts can be
reconciled and the closing stock is deducted from the profit of the absorption costing so that the
profit of marginal costing can evaluated (Accounting Tools, 2018). The differences between both
are occurred due to the occurrence of the closing stock.
B) Using Break Even formulae calculate the following:
Working Notes:
Total Variable Cost:
Direct material cost=£13 per unit
Direct labor cost= (3*5) £15 per unit
Total Variable cost= £28 per unit
Contribution per unit= Sales- Variable accost
= £40-28
=£12
a. Number of products to be sold to break even
= FC/ Contribution per unit
= 6000/12
=£500
b. P/V ratio= Contribution/ Sales*100
15

=12/40*100
=30%
BEP (Sales) = FC/ P/V ratio
= 6000/30%
=£20,000
c. Contribution=16000
Sales Revenue to make profit £10,000=16000/30%
=53333
No. of products to be sold= 53333/40
=£1333
d. Margin safety when 800 products are sold
Sales=£32000
Contribution=32000*30%
=£9600
Margin of safety= 3600 (9600-6000)
=£3600
16

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TASK 3 (LO3 and LO4)
Introduction
This section of the report explains about the various planning tools which are management
accounting and with that their benefits as well as the drawbacks are also highlighted. The
application of these planning tools are also explained which will help in forecasting the future.
The last part also explains about the ways through which the financial problem will be solved by
management accounting and the sustainability can be attained.
17

A. Explain advantages and disadvantages of different planning tools for budgetary
control by providing example of atleast two.
The planning tools help the managers in proper planning for the future activities and then take
actions accordingly (Accounting Explained, 2013). There are various tools such as variance
analysis, capital budgeting and the regression analysis and each of them have its individual pros
and corns.
Capital Budgeting: The capital budgeting is the planning process which helps in evaluating that
the long term assets such as machinery and new plants are worth funding or not so as to make
profits out of it. The advantages and the disadvantages of capital budgeting are explained
through its types (Accounting Explained, 2013).
Types Advantages Disadvantages
IRR The true profitability of the
project can be evaluated where
the investment is made by
Deverell Smith Ltd.
When the size and the timings
of the cash flows differ so the
results of the net present value
and internal rate of return
differ (Accounting Explained,
2013).
NPV The positive point is that this
method takes into concern the
cost of capital as well as the
risk in making the projections
is also evaluated (Accounting
Explained, 2013).
It is not functional for
comparing two projects which
are of different size as the
results are mostly determined
by the size of input.
ARR It helps in satisfying the
interest of the owners and also
used to measure the current
performance of Deverell
Smith Ltd.
It does not consider external
factors which affects the
profitability of the project.
Example: If the investment of the project is 100000 and saving is 2500 and the payback period
is 4 years while the project 2 invested 20,000 and the savings were 10, 000 the payback period
was 2 years. So, the second project will be preferred due to the payback period.
Variance analysis: It is also the planning tools which help in evaluating the differences between
the actual and the budgeted so that the variances can be evaluated and the planning for future can
be done appropriately (Cross, 2018).
18

Advantages:
Performance Measurement: The performance is measured through the variances as it helps in
analyzing the adverse and favorable variances and the through this the managers of Deverell
Smith Ltd. can measure the actual performance (Cross, 2018).
Disadvantages:
The outcomes may be wrong in most of the cases if the standards are not set correctly this in turn
may also impact the overall profit of the organization (Cross, 2018).
For example: If the actual sales of Deverell Smith Ltd. are £8000 and the budgeted sales are
£12000. So, the variance yields the difference of £4000.
19

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B. Show the application of planning tools for preparing, forecasting and analyzing
budgets.
These tools of planning are also used for various purposes such as preparing and the forecasting
of budget as:
Image: Planning tools
Source: By Author, 2018
SWOT Analysis: The SWOT analysis will help in identification of internal ability of Deverell
Smith Ltd. so that its position in the external market can be evaluated (Nawaz, 2013). This will
also provide the path by identifying the opportunities that can be achieved by the firm in future
and also identify the threats through which will provide them the picture for improvements.
PEST Analysis: It identifies the external strength as the impact of the external factors is
evaluated by the firm and then the decisions are taken accordingly so that the position can be
secured in the competitive market (Nawaz, 2013).
20
Planning
Tools
PEST
SWOT
Balance
Score cardPorter's Five
Forces

Balance Score Card: It evaluates that the employees are working according to the strategies
which are predetermined or not (Nawaz, 2013). It also analyzes the performance of Deverell
Smith Ltd. which in turn helps in increasing efficiency and well as effectiveness.
Porter’s Five Forces: It evaluates the competitiveness of the business. It measures the
competitive intensity through five factors which are the bargaining power of the buyers,
suppliers, and rivalry to the entry of new firms, competitiveness and the threat to substitute.
21

C. Compare how organizations are adapting the management accounting system to
respond to financial problem.
The financial problem is solved by the organization through the implementation of management
accounting so that the sustainability as well as the profitability can be increased within Deverell
Smith Ltd.
Benchmarking: The benchmarking is used to set the specific set of standards through which the
performance of the organization can be evaluated. The two problems are faced during
benchmarking by Deverell Smith Ltd. which are setting of the appropriate standards and ensure
that the numbers are comparable (Fast Company, 2018). The financial problem can be solved
through Deverell Smith Ltd. as it easily helps to evaluate the position as well as the performance
of the organization. This is also useful as it provides the insight that why the cost and the
revenues of the firm differs when the process of the company are same.
KPI: These are the indicators which will help the Deverell Smith Ltd. in ensuring that whether
the day to day operations of the organization are performed according to the plan or not. There
are financial as well as the non financial KPI’s. These both will measure reliability, flexibility
and the profits of the firm (Fast Company, 2018). The financial problem of Deverell Smith Ltd.
will be solved as it will measure through the past data and then take actions to make
improvements.
Financial Governance: The financial governance id the part of the corporate governance and
this will help in solving the financial problem as it will provide the actual information to the
shareholders through which they can take the accurate decisions. The main focus of this will be
to maintain the accountability within the Deverell Smith Ltd. by taking decisions according to
the priorities of work. It also concerns with the financial structure and control the system so that
the effective culture can be maintained within the organization (Nawaz, 2013). To prevent the
financial problem the various committees are made such as the audit committee, internal and the
external auditing so that the analysis can be done on the timely basis and the accurate results can
be presented in the reports which will help them to take the investment related decisions.
22

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Budgetary targets to identify problems: The master budget is prepared by the organization and
the evaluation is made of the activities of the operations according to the budget prepared on
weekly, daily or monthly basis. The budget made is allocated to all the departments so that the
departments and ensure that the targets are to be met by employees as well as the managers. This
will solve the financial problem which is faced by Deverell Smith Ltd. as it evaluates the
effectiveness of the action and also prepares the strategies through which the improvements can
easily be made and the future growth can be achieved (Deverell Smith Ltd., 2018).
23

D. Analyze how your management accounting techniques could respond to financial
problems and lead the organization to sustainable success.
Total quality management: It helps in managing the high quality of service between the
various levels of the staff so that the growth can be achieved and the sustainability can be
attained in Deverell Smith Ltd (Butterfield, 2016). The maintenance of the high quality of
service between the various members and employees will help in ensuring that the financial
problem will be solved and the sustainability will be attained.
Business Process Re- Engineering: This is the process in which the business process is
redesigned so that the problems in the existing process can be solved and the organization can
lead to the attainment of the sustainable success (Butterfield, 2016). The new process will enable
the employees to perform well as all the issues will be solved and the new structure will be
provided for work it will help in maintaing the accountability within the organization and thus
the transparency will be maintained in business processes of Deverell Smith Ltd.
24

E. Evaluate how planning tools can solve the financial problem and lead the
organization to sustainable success.
The planning tools such as the capital budgeting can solve the financial problem as it helps in
evaluating the best project in which the investment can lead to maximization of the returns and
thus helps in attaining success (Butterfield, 2016). The budget is also one of the tools which set
the standards so that the actual results can be compared to those and the appropriate decisions
related to future can be taken by Deverell Smith Ltd. These will help in solving financial
problems as it identifies the variances and then evaluate the areas which help in making the
improvements so that the profitability can be achieved by maintaing the accountability and
sustainability (Butterfield, 2016).
25

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Conclusion
The planning tools can also solve the financial problem with that of the management accounting
and will also help in attainment of success. The planning tools helps in forecasting the future and
then taking actions accordingly so that the risk of loss can be reduced and the sustainability can
be attained.
26

Conclusion
It can be summarized that the management accounting is important as it helps the managers to
take the strategic decisions. With this the management information systems helps to analyze the
inventory and control the cost so that the expenses can be reduced and the revenues of the firm,
can be maximized. It also provided much significance to Deverell Smith Ltd. which will enable
the managers of the organization to manage it operations effectively. The cost is tracked so that
the strategies can be developed to control the cost. The planning tools help to forecast the future
so that the future actions can be taken with full care which may help in the achievement of
growth. The pros and cons of each are also explained so that the best tool can be selected. The
various sources are explained with will enable to solve the financial problems of Deverell Smith
Ltd. and help them to achieve success.
27

References
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Available at: https://accountingexplained.com/managerial/capital-budgeting/. [Accessed
On 30 July 2018]
 Accounting Tools, 2018. Marginal costing pricing. [Online]. Accounting Tools. Available
at: https://www.accountingtools.com/articles/2017/5/16/marginal-cost-pricing. [Accessed
on 30 July 2018]
 Butterfield, E., 2016. Managerial decision making and management accounting
Information. Helsinki Metropolia. Available at:
http://www.theseus.fi/bitstream/handle/10024/106190/Butterfield_Emma.pdf?
sequence=1&isAllowed=y. [Accessed On 30 July 2018]
 Cross, V., 2018. The Role of Variance Analysis in Businesses. [Online]. Chron.
Available at: https://smallbusiness.chron.com/role-variance-analysis-businesses-
22641.html. [Accessed On 30 July 2018]
 Deverell Smith Ltd., 2018. Accounting and Finance Recruitment. [Online]. Deverell
Smith Ltd. Available at: https://www.deverellsmith.com/accounting-and-finance-
recruitment/. [Accessed On 30 July 2018]
 Fast Company, 2018. 7 fundamentals of sustainable business growth. [Online]. Fast
Company. Available at: https://www.fastcompany.com/3049856/the-7-fundamentals-of-
sustainable-business-growth. [Accessed On 30 July 2018]
 Kolakowski, M., 2018. Management Reporting Systems. The balance careers. Available
at: https://www.thebalancecareers.com/management-reporting-1286950. [Accessed on 30
July 2018]
 Li, J., Choi, T.M. and Cheng, T.E., 2014. Mean variance analysis of fast fashion supply
chains with returns policy. IEEE Transactions on Systems, Man, and Cybernetics:
Systems, 44(4), pp.422-434.
 Money Matters, 2018. Reporting to management | Meaning | Objectives or Purpose.
[Online]. Money Matters. Available at: https://accountlearning.com/reporting-to-
management-meaning-objectives-or-purpose/. [Accessed On 30 July 2018]
28

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 Nawaz, M., 2013. An insight into the two costing techniques: Absorption Costing and
Marginal Costing. Board research in accounting, Negotiation and distribution, Vol.4,
Issue 1.
 Surbhi S, 2018. Difference between Marginal Costing and Absorption Costing.[Online].
Key differences. Available at: https://keydifferences.com/difference-between-marginal-
costing-and-absorption-costing.html. ¿Accessed on 30 July 2018 ¿
 White, S., 2015. How management accountants can lead their organizations towards
sustainable success. [Online]. Financial Management. Available at: https://www.fm-
magazine.com/news/2015/jan/201511533.html. [Accessed On 30 July 2018]
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